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Boston Pizza Fnd Un (TSE:BPF.UN)
TSX:BPF.UN
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Boston Pizza Fund
(TSX:BPF.UN)79Outperform
Boston Pizza Fund (BPF.UN) vs. S&P 500 (SPY)
Market Cap
N/A
Dividend Yield7.2%
Average Volume (3M)49.92K
Price to Earnings (P/E)11.6
Beta (1Y)0.63
Revenue Growth0.64%
EPS Growth8.65%
CountryCA
EmployeesN/A
SectorConsumer Cyclical
Sector Strength53
IndustryRestaurants & Bars
Share Statistics
EPS (TTM)1.50
Shares Outstanding21,278,563
10 Day Avg. Volume47,639
30 Day Avg. Volume49,916
Financial Highlights & Ratios
PEG Ratio1.34
Price to Book (P/B)N/A
Price to Sales (P/S)16.92
Price to Cash Flow (P/CF)11.30
P/FCF Ratio10.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
Boston Pizza Fund Business Overview & Revenue Model
Company DescriptionBoston Pizza Royalties Income Fund is a limited purpose open-ended trust. It is engaged in the operation and franchising of Boston Pizza restaurants in Canada. The Trust distributes all available cash from operations to the Trust unitholders to the maximum extent possible. The company receives revenue in the form of royalty income.
How the Company Makes MoneyThe company makes money primarily through royalty income derived from the franchise agreements it has with Boston Pizza restaurants across Canada. These agreements typically involve franchisees paying a percentage of their gross sales to Boston Pizza Fund. This royalty structure allows the fund to earn income without directly managing the day-to-day operations of the restaurants. Additionally, Boston Pizza Fund may engage in strategic partnerships and marketing initiatives to enhance the brand's visibility and attract more franchisees, thereby expanding its revenue base. Key factors contributing to its earnings include the overall performance and sales growth of the franchised restaurants, as well as the successful expansion of new franchise locations.
Boston Pizza Fund Financial Statement Overview
Summary
Boston Pizza Fund shows solid financial health with consistent revenue and profit growth, strong equity base, and efficient cash flow management. Despite a slight increase in debt, the leverage remains manageable.Income Statement
The income statement shows a strong performance with consistent revenue growth over the years. The gross profit margin is consistently high, indicating effective cost management. The net profit margin is solid, though it has slightly decreased from the previous year due to a lower EBIT. The company has shown resilience with increasing revenue despite industry challenges.85
Very Positive
Balance Sheet
The balance sheet is stable with a favorable debt-to-equity ratio that suggests manageable leverage and a healthy equity base. However, there is a slight increase in total debt year-on-year. Return on Equity (ROE) is robust, demonstrating effective use of equity to generate profits. The equity ratio remains strong, indicating a solid capital structure.78
Positive
Cash Flow
Cash flow analysis reflects strong operational cash flow, with a consistent increase in free cash flow over the years. The operating cash flow to net income ratio is healthy, indicating efficient conversion of earnings to cash. However, the lack of significant investing cash flow suggests limited reinvestment in growth initiatives.81
Very Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 49.51M | 49.19M | 45.47M | 35.15M | 32.64M | Gross Profit |
| 49.51M | 48.91M | 45.21M | 35.15M | 32.38M | EBIT |
| 0.00 | 47.70M | 44.08M | 27.56M | 25.90M | EBITDA |
| 51.97M | 47.30M | 45.09M | 50.23M | 23.38M | Net Income Common Stockholders |
| 31.87M | 29.57M | 30.58M | 37.41M | 9.57M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 4.57M | 4.59M | 5.21M | 5.16M | 7.70M | Total Assets |
| 422.89M | 413.06M | 413.70M | 411.31M | 390.80M | Total Debt |
| 97.06M | 86.50M | 86.44M | 87.96M | 91.58M | Net Debt |
| 92.49M | 81.91M | 81.23M | 82.80M | 83.88M | Total Liabilities |
| 142.66M | 134.17M | 133.12M | 135.51M | 133.90M | Stockholders Equity |
| 280.22M | 278.89M | 280.58M | 275.80M | 256.90M |
| Cash Flow | Free Cash Flow | |||
| 38.12M | 37.93M | 34.35M | 29.18M | 21.88M | Operating Cash Flow |
| 38.12M | 37.93M | 34.35M | 30.48M | 22.87M | Investing Cash Flow |
| 0.00 | 0.00 | 0.00 | -1.29M | -982.00K | Financing Cash Flow |
| -38.14M | -38.55M | -34.30M | -33.01M | -16.92M |
Boston Pizza Fund Technical Analysis
Negative
17.03
Price Trends
17.24
Negative
17.16
Negative
16.46
Positive
Market Momentum
0.03
Positive
41.49
Neutral
20.65
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BPF.UN, the sentiment is Negative. The current price of 17.03 is below the 20-day moving average (MA) of 17.39, below the 50-day MA of 17.24, and above the 200-day MA of 16.46, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 41.49 is Neutral, neither overbought nor oversold. The STOCH value of 20.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:BPF.UN.
Boston Pizza Fund Peers Comparison
Overall Rating
UnderperformOutperform
Sector (60)
Financial Indicators
Performance Comparison
TSE:BPF.UN
Boston Pizza Fund
17.03
2.58
17.85%
QSR
Restaurant Brands International
69.57
-8.16
-10.50%
PZRIF
Pizza Pizza Royalty
9.64
-0.14
-1.43%
TSE:KEG.UN
Keg Royalties Fund
13.98
-0.02
-0.14%
MTYFF
MTY Food Group
31.10
-6.58
-17.46%
Boston Pizza Fund Earnings Call Summary
Earnings Call Date: Feb 14, 2025 | % Change Since: -2.46% | Next Earnings Date: May 7, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted the resilience and stability of Boston Pizza's franchise sales amidst challenging macroeconomic conditions. Successful marketing campaigns and an increase in net income were positive points, but decreases in same-restaurant sales and distributable cash, along with higher payout ratios, indicate ongoing challenges.Highlights
Successful Marketing Campaigns
Boston Pizza's summer patio campaign and fall-themed menu resonated well with guests, generating over $1 million for the Boston Pizza Foundation, a 6% increase from 2023.
Increase in Net and Comprehensive Income
The Fund's net and comprehensive income increased by $4.5 million for the quarter compared to the third quarter of 2023, primarily due to a $6.8 million increase in fair value gain.
Resilience in Franchise Sales
Franchise sales levels held steady through the third quarter, showcasing the resilience of Boston Pizza's business despite macroeconomic challenges.
Positive Trends in Restaurant Development
Two new restaurants opened year-to-date, and 18 underwent renovations, showing progress in restaurant development.
Lowlights
Decrease in Franchise Sales and Same-Restaurant Sales
Franchise sales from restaurants in the Royalty Pool decreased by 0.6% for the quarter and 0.1% year-to-date. Same-restaurant sales were negative 0.6% for the quarter.
Decrease in Distributable Cash
The Fund generated distributable cash of $8.1 million for the quarter, a decrease of $0.2 million or 1.8% compared to the same period in 2023.
Increase in Payout Ratio
The Fund's payout ratio increased to 88.9% for the quarter compared to 82.9% in the third quarter of 2023, indicating higher distributions paid and decreased distributable cash.
Traffic Challenges
The decline in same-store sales was primarily due to lower visitation trends, despite higher average guest checks driven by menu price increases.
Company Guidance
During Boston Pizza's third-quarter 2024 earnings call, the company reported franchise sales of $238.6 million for the quarter, reflecting a 0.6% decrease compared to the previous year. Year-to-date franchise sales reached $697.4 million, showing a slight 0.1% decline. Same-restaurant sales were down 0.6% for the quarter but up 0.1% year-to-date. The Fund's net and comprehensive income increased significantly to $9.4 million for the quarter, primarily due to a $6.8 million rise in fair value gain. Distributable cash per unit was $0.381 for the quarter, a slight decrease from the previous year. The Fund's payout ratio rose to 88.9% from 82.9% in the prior year. Boston Pizza highlighted promotional activities, including successful summer and fall campaigns, which contributed to stable sales amidst challenging economic conditions.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.